LabCorp explores acquisition of clinical trials firm PPD -sources

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By Carl O’Donnell and Greg Roumeliotis

<span class="articleLocation”>Laboratory Corporation of America Holdings
(LabCorp) is in talks to acquire contract researcher
Pharmaceutical Product Development LLC (PPD) for more than $8
billion, including debt, people familiar with the matter said on
Friday.

Such a deal would be LabCorp’s largest acquisition ever,
advancing its strategy of combining laboratory testing services
under one corporate umbrella following its acquisition of
contract research organization Covance Inc in 2015 for $5.7
billion.

LabCorp was just one of the parties participating in an
auction for private equity-owned PPD, which has also attracted
interest from buyout firms, the people said. The people added
that there was no certainty that LabCorp would clinch a deal,
and any agreement might not come for several more weeks.

The sources asked not to be identified because the
deliberations were confidential. LabCorp and PPD did not
immediately respond to requests for comment. PPD’s owners,
Carlyle Group LP and Hellman & Friedman LLC, declined to
comment.

Based in Wilmington, North Carolina, PPD offers its services
to biotech, pharmaceutical and medical device companies that
want to outsource research services. It focuses its research on
a wide range of therapeutic areas, ranging from cardiovascular
to urology.

Carlyle and Hellman & Friedman took the company private in
2011 for $3.9 billion.

Headquartered in Burlington, North Carolina, LabCorp is one
of the largest independent clinical laboratory companies in the
United States. It offers tests used in routine testing, patient
diagnosis and in the monitoring and treatment of disease.

In addition, the company has developed specialty testing
such as oncology testing, HIV genotyping and phenotyping,
diagnostic genetics and clinical trials. It has a market
capitalization of $14.1 billion.

Recent deals among clinical contract researchers have
included a merger of Quintiles, a publicly traded contract
researcher, and IMS Holdings, a medical data provider, in a $10
billion deal that created a new company, IMS Quintiles Holdings
.



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